Smart Syringes Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The smart syringes market size is projected to reach US$ 20.83 billion by 2031 from US$ 9.23 billion in 2023. The market is expected to register a CAGR of 10.68% during 2023–2031. The growing focus on patient safety and error reduction are likely to remain key trends in the market.

Smart Syringes Market Analysis

A sharps injury, also known as percutaneous injury, is an incident where the skin is penetrated unintentionally through the blade (such as a scalpel), syringe, needle, or other medical instruments. These medical instruments could cause an injury by pricking or cutting the skin. Sharps injuries are mainly linked to the occupational transmission of STDs. They have also been implicated in the transmission of more than 20 other pathogens. The rising incidences of sharp injuries increase the demand for smart syringes.

Smart Syringes Market Overview

As highlighted by the Centers for Disease Control and Prevention (CDC) in 2022, occupational exposure to bloodborne pathogens via sharp injuries results in ~ 385,000 needlesticks and other sharps-related injuries to hospital-based healthcare personnel annually. Smart syringes are designed to prevent needlestick injuries and reduce the risk of transmitting bloodborne diseases. Therefore, the high prevalence of bloodborne transmission, such as hepatitis B, C, and HIV, through improper injection practices increases the adoption of safe syringes, including smart syringes.

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Smart Syringes Market: Strategic Insights

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Smart Syringes Market Drivers and Opportunities

Expanding Therapeutic Applications of Syringes to Favor Market

The ascent of biologics and other complex, sensitive medications requires precise and controlled administration. Vaccination is essential for primary prevention against various infections and stimulates the body to make antibodies against antigens of pathogens by improving resistance to a particular disease. Several diseases like smallpox and polio have been successfully exterminated through vaccination. Additionally, advancements in design and technology are increasing the usage of syringes in more complex delivery procedures with superior functional capabilities, having a positive impact on the smart syringes market. Therefore, the factors mentioned above are likely to propel the growth of the smart syringes market during the forecast period.

Demand for Precision and Personalized Medicine Brings Growth Opportunities

The healthcare landscape is undergoing a innovative transformation driven by precision medicine and advanced medical tools. At the forefront is the syringe, an indispensable tool that has evolved from a basic delivery mechanism into a critical instrument for administering personalized and accurate medical treatments. Integration of artificial intelligence algorithms for personalized dosing, automated error detection, and improved data analysis empowers patients and enhances adherence. Additionally, the development of prefilled smart syringes customized for patients simplifies self-administration for those with complex and chronic conditions. This encourages self-management of health and reduces reliance on hospital visits for routine injections.  Hence, such technological advancements are seen to have a positive impact on the market and are likely to bring growth opportunities.

Smart Syringes Market Report Segmentation Analysis

Key segments that contributed to the derivation of the smart syringes market analysis are type, application, and end user.

• The smart syringes market is segmented based on type into active safety syringes, passive safety syringes, and auto-disable syringes. The active safety syringes segment held the largest market share in 2023.
• By application, the market is segmented into vaccination, drug delivery, and blood specimen collection. The drug delivery segment held the largest market share in 2023.
• By end user, the market is segmented into hospitals & clinics, home care, and other end users. The hospital & clinics segment held a significant share of the market in 2023.

Smart Syringes Market Share Analysis by Geography

The geographic scope of the smart syringes market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.  Asia Pacific is expected to grow with the highest CAGR in the coming years.

The smart syringes market in North America is analyzed based on the three major countries: the US, Canada, and Mexico. The US is estimated to have a larger share of the North America smart syringes market in 2023. The growth in this region is characterized by increasing government programs and rising awareness about safe injection practices.

Additionally, the adoption of research and development activities by the market players to introduce new innovations is expected to augment the growth of the market significantly during the forecast period.

Smart Syringes Market Regional Insights

The regional trends and factors influencing the Smart Syringes Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Syringes Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart Syringes Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Syringes Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Smart Syringes Market are:

1. Retractable Technologies, Inc
2. AdvaCare Pharma
3. Numedico Technologies Pty Ltd
4. Gerresheimer AG
5. Parker Hannifin Corp
6. BD

Disclaimer: The companies listed above are not ranked in any particular order.

Smart Syringes Market News and Recent Developments

The smart syringes market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the smart syringes market are listed below:

• Schott Pharma launched pre-filled polymer syringes for deep-cold drugs, stored and transported on dry ice at temperatures reaching -100°C. Leading companies in the industry are currently seeking commercial approval to use mRNA applications with SCHOTT Pharma’s prefillable polymer syringes. Scientific data packages demonstrating the syringes’ performance at extremely low temperatures are aiding pharmaceutical companies in bringing their drugs to market. (Source: SCHOTT Group, Press Release, May 2023)
• Schreiner MediPharm and SCHOTT Pharma partnered to launch a new RFID solution for prefilled syringes to optimize hospital routines. The digitalization of prefilled syringes will provide each syringe with a unique digital identity, improving hospital inventory management and patient care. Additionally, it will include a digital first-opening indicator to protect the syringe's integrity. (Source: Schreiner MediPharm, Press Release, November 2022)

Smart Syringes Market Report Coverage and Deliverables

The “Smart Syringes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Smart syringes market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Smart syringes manufacturing market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Smart syringes market analysis covering key market trends, global and regional framework, significant players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the smart syringes market
• Detailed company profiles